PTF Pender Growth Fund Inc

(TSXV: PTF) Pender Growth Fund Inc. (the “Company” or "Pender") today announces that a portion of its Legacy Shares of Pender Private Investments Inc. ("PPI"), formerly known as Working Opportunity Fund (EVCC) Ltd., have been redeemed in accordance with the special rights and restrictions attached to such shares.

The Company holds approximately 97% of the outstanding Legacy Shares, or approximately 16,698,042 Legacy Shares. As the result of the previously announced divestments of Teradici Corporation and Redlen Technologies Inc., the terms of the Legacy Shares provide that they must be redeemed by PPI on a pro rata basis at their then Net Asset Value (“NAV”). Accordingly, PPI has redeemed approximately 58.49% of the Legacy Shares, including those held by the Company, on a pro rata basis at a redemption price of approximately $6.4705 per share. A portion of these proceeds will be used to satisfy the additional cash payment to those shareholders that sold their Venture Series shares to the Company ("Exiting Shareholders"). The Exiting Shareholders became entitled to receive an additional cash payment of $1.2661 per share which was paid effective October 13, 2021. After this payment the net cash proceeds, of approximately $42M, received by the Company will increase its cash and liquidity position.

About the Company

The Company’s objective is to achieve long-term capital appreciation for its investors. The Company utilizes its small capital base and long-term horizon to invest in unique situations; primarily small cap, special situations, and illiquid public and private companies. The Company trades on the TSX Venture Exchange under the symbol “PTF”.

Please visit www.pendergrowthfund.com.

For further information, please contact:

Tony RautavaPenderFund Capital Management Ltd.(604) 653-9625Toll Free: (866) 377-4743

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company's expectations, estimates and forecasts . The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the risk that the WOF Transaction will not beneficial to the Company in the longer term, the risk that the conditions precedent to the acquisition of Teradici will not be satisfied, the risk that valuations of micro and small cap public companies will change, the general volatility of public markets as well as factors discussed under the heading “Risk Factors” in the Company's annual information form and MD&A available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.